Stop using credits but only Mainnet NUM in the Capture system

[sync-by-unito[bot]]

Reasons why we needed Capture credits:

1. Cost efficient (no gas required)
2. Cannot be liquidated => Can use it as on-boarding gifts to encourage users using Capture App
3. App Store does not allow users to purchase crypto, can only buy credits/points

However, after the NUM migration

1. Mainnet NUM is cost efficient, plus, we are the only validator at the moment (i.e. can recycle the gas)
2. Hard to liquidate, can almost say it is not possible to liquidate for small amount (because users need to bridge NUM coins to ETH NUM first (very high costs)
3. Maybe we should see App Store purchase as one of the ways to purchase NUM coin, i.e. once the purchase is done, we can send NUM coin to users' wallets.

Pros of stop using credits: much simpler to maintain in the tech side and more clear to users and to the finance team. Cons of stop using credits: still have some risks that users may try to hack and get NUM coins. However, I believe we should be able to manage this risk.

┆Issue is synchronized with this Asana task by Unito ┆Created By: Tammy Yang

[sync-by-unito[bot]]

➤ Tammy Yang commented:

I will leave this task open until Friday. Please bring any concerns you have on the card then we can discuss.

[sync-by-unito[bot]]

➤ Sofia Yan commented:

Question,

• will the liquidation "always" be hard or "currently"?
• will app store allow to purchase coin?

It is easier for sure if users no need to deal with 2 different system, since our goal for this year will be acquire creator users → onboard should be as simple as possible, it will be the best if they can purchase coin via App Store, but for monetization part, if it's hard to liquidate their revenue, not sure will it affect their willing of using Capture.

[sync-by-unito[bot]]

➤ Vera Wu commented:

I think , support them to buy coin directly in app ( we transfer native num directly to their wallet ) is good way. Two systems seems complicated. ( both for users and for us to manage) But other thing is , we have to prepare enough num for purchase. ( at this moment , not a problem)

To liquidate , I think it is not a problem, even we jkeep the credit point, they can exchange credit point into really money. And we even restrict the usage of credit ( only be used for network action not as a payment tool)

[sync-by-unito[bot]]

➤ Vera Wu commented:

Our goal definitely to have more exchange to support mainnet , then no bridge , easy liquidation

[sync-by-unito[bot]]

➤ Tammy Yang commented:

will the liquidation "always" be hard or "currently"? for monetization part, if it's hard to liquidate their revenue, not sure will it affect their willing of using Capture.

These are important considerations.

I think 興利防弊 we can only choose one direction. If we want to build a "go-to resource for creators to experience Web3", I think we have to make NUM coins

1. easy to liquidate
2. easy to be purchased

i.e. We cannot avoid the situation that users abuse the system like what they did before. Now is probably the best time to do this. Once we have enough "true users", the demand of NUM will be high enough to compensate those who abuse the systems (ideally).

[sync-by-unito[bot]]

➤ Sofia Yan commented:

I think from now we will be more careful for the airdrop XD, that’s why I asked if it’s “always” or “currently”.

Eventually we’re aligned with make it easy to liquidate. I think it’s ok if it’s hard to do the liquidation currently since we’re still growing the user base, and it’s the stage that most of the “crypto users” will abuse it.

Ideally I hope to make it easier on SXSW, since we will probably acquire more “real user” instead of crypto user by that time, and it will be a bit pity if the onboarding process make them feel complicated, but… on the other hand, I believe most of the SXSW TA are more tend to be early adopters… maybe they’re fine with it lol?

[sync-by-unito[bot]]

➤ Tammy Yang commented:

I think they won't think about liquidation yet XD

[sync-by-unito[bot]]

➤ Vera Wu commented:

to make it more easier and simpler , i think we should stop using credits. users only need deal w/ one system.

to accomodate this request , we need to consider

users to buy NUM directly in APP ( but it actually buy credits and we manually deposit NUM to their wallet in backend. ) >>> we need this transaction be done in minutes that we won't loss users when they are waiting for the NUM

this is for onboarding process. Still a risk that Apple Store feels we are doing crypto transaction (actually we do)

[sync-by-unito[bot]]

➤ Tammy Yang commented:

Vera Wu ^ see subtask. We will kickoff this item later. I put the schedule as Q2, so don't worry it won't happen very soon.

[sync-by-unito[bot]]

➤ Vera Wu commented:

Then , users will sti use capture credit during SXSW. This is fine , let them do minting easier. Additional question , will we have buy crypto page in app ( I think not because APP policy ? )- I remembered we have this discussion. ( this is for ppl to purchase side) Or we need to integrate PayPal asap to purchase

[sync-by-unito[bot]]

➤ Vera Wu commented:

I think the later one is priority Make it more easier for users both mint and transaction

[sync-by-unito[bot]]

➤ Tammy Yang commented:

See [Integrity Migration] Allow users to buy NUM coin in Capture App ( https://app.asana.com/0/0/1203685835794792 )